FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 22, 2003 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Averages of daily figures Reserve Bank credit, related items, and Week ended Change from week ended Wednesday reserve balances of depository institutions at May 21, 2003 May 14, 2003 May 22, 2002 May 21, 2003 Federal Reserve Banks Reserve Bank Credit 711,816 - 2,521 + 68,005 713,804 Securities held outright 650,403 + 2,586 + 65,271 650,735 U.S. Treasury (1) 650,393 + 2,586 + 65,271 650,725 Bills (2) 237,390 + 636 + 42,807 237,568 Notes and bonds, nominal (2) 398,707 + 1,931 + 20,884 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,482 + 19 + 368 1,489 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 24,608 - 1,036 + 1,715 26,251 Loans to depository institutions 56 + 5 - 61 55 Primary credit 2 0 + 2 1 Secondary credit 0 0 0 0 Seasonal credit 54 + 5 - 51 54 Adjustment credit 0 0 - 12 0 Float -871 - 857 - 118 -1,036 Other Federal Reserve assets 37,620 - 3,219 + 1,198 37,799 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,864 + 14 + 1,057 34,864 Total factors supplying reserve funds 759,923 - 2,507 + 69,062 761,911 Currency in circulation(5) 689,859 + 211 + 41,004 691,870 Reverse repurchase agreements (6) 20,415 - 226 + 20,415 20,709 Foreign official and international accounts 20,415 - 226 + 20,415 20,709 Dealers 0 0 0 0 Treasury cash holdings 350 + 7 - 61 356 Deposits with F.R.Banks, other than reserve balances 18,564 - 211 + 3,199 19,263 U.S. Treasury, general account 6,899 - 240 + 1,985 7,608 Foreign official 116 + 30 + 40 126 Service-related 11,281 - 10 + 1,122 11,281 Required clearing balances 10,820 - 62 + 1,051 10,820 Adjustments to compensate for float 461 + 52 + 71 461 Other 266 + 7 + 49 247 Other liabilities and capital 20,280 - 158 + 820 19,968 Total factors, other than reserve balances, absorbing reserve funds 749,467 - 379 + 65,376 752,167 Reserve balances with Federal Reserve Banks 10,456 - 2,129 + 3,685 9,744 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 916,813 + 20,022 ------ 924,397 U.S. Treasury 732,983 + 18,634 ------ 740,006 Federal agency 183,829 + 1,387 ------ 184,391 Securities lent to dealers 1,028 + 505 - 156 218 Note: Components may not sum to totals because of rounding. --- Not available. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5 Estimated. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 2. Consolidated Statement of Condition of All Federal Reserve Banks Millions of Dollars Eliminations Change Since from Wednesday Wednesday Wednesday Assets, liabilities, and capital consolidation May 21, 2003 May 14, 2003 May 22, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 950 - 33 + 13 Securities, repurchase agreements, and loans 677,041 - 1,718 + 68,794 Securities held outright 650,735 + 2,788 + 66,123 U.S. Treasury (1) 650,725 + 2,788 + 66,123 Bills (2) 237,568 + 691 + 44,350 Notes and bonds, nominal (2) 398,853 + 2,077 + 20,193 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,489 + 19 + 367 Federal agency (2) 10 0 0 Repurchase agreements (4) 26,251 - 4,501 + 2,751 Loans 55 - 5 - 80 Items in process of collection (1,154) 6,609 - 469 + 139 Bank premises 1,581 + 1 + 66 Other assets (5) 36,208 - 3,462 + 1,165 Total assets (1,154) 735,628 - 5,681 + 70,172 Liabilities Federal Reserve notes net of FR Bank holdings 658,309 + 913 + 39,491 Reverse repurchase agreements (6) 20,709 - 364 + 20,709 Deposits (0) 29,144 - 6,044 + 8,933 Depository institutions 21,162 - 6,441 + 5,265 U.S. Treasury, general account 7,608 + 409 + 3,584 Foreign official 126 + 4 + 54 Other (0) 247 - 17 + 30 Deferred availability cash items (1,154) 7,498 - 101 + 476 Other liabilities and accrued dividends (7) 2,304 - 29 - 165 Total liabilities (1,154) 717,964 - 5,625 + 69,445 Capital Accounts Capital paid in 8,562 - 6 + 466 Surplus 8,380 0 + 1,068 Other capital accounts 722 - 50 - 808 Total capital 17,664 - 56 + 727 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4 Cash value of agreements, which are collatealized by U.S. Treasury and federal agency securites. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 3. Maturity Distribution of Loans and Securities, May 21, 2003 Millions of dollars U.S. Treasury Federal agency Reverse Maturity Loans securities (1) securities Repurchase repurchase Weekly Weekly agreements(2)agreements(2) Holdings changes Holdings changes Within 15 days 42 51,747 + 4,955 0 0 20,251 20,709 16 days to 90 days 13 137,386 + 4,877 0 0 6,000 0 91 days to 1 year 0 154,489 - 2,121 10 0 ------ ------ Over 1 to 5 years ------ 180,465 - 44 0 0 ------ ------ Over 5 to 10 years ------ 46,663 - 4,887 0 0 ------ ------ Over 10 years ------ 79,975 + 7 0 0 ------ ------ All 55 650,725 + 2,788 10 0 26,251 20,709 Note: Components may not sum to totals because of rounding. --- Not applicable. 1 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 2 Cash value of agreements classified by remaining maturity of the agreements. 4. Statement of Condition of Each Federal Reserve Bank on May 21, 2003 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Assets Gold certificate account 11,039 495 4,706 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 950 46 35 68 38 124 95 116 53 38 64 154 119 Securities, repurchase agreements, and loans 677,041 31,463 304,656 20,345 30,492 50,044 43,964 65,764 20,484 14,548 17,494 25,502 52,284 Securities held outright 650,735 31,460 278,405 20,345 30,492 50,044 43,961 65,757 20,473 14,525 17,488 25,502 52,283 U.S. Treasury (1) 650,725 31,460 278,401 20,344 30,491 50,043 43,960 65,756 20,473 14,525 17,488 25,502 52,282 Bills (2) 237,568 11,485 101,639 7,427 11,132 18,270 16,049 24,006 7,474 5,303 6,385 9,310 19,087 Notes and bonds(3) 413,156 19,974 176,762 12,917 19,360 31,773 27,911 41,750 12,998 9,222 11,103 16,191 33,195 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 26,251 0 26,251 0 0 0 0 0 0 0 0 0 0 Loans 55 3 0 0 0 0 3 7 11 23 6 0 1 Items in process of collection 7,763 408 534 401 405 663 858 448 377 405 548 351 2,364 Bank premises 1,581 91 186 51 151 143 279 117 44 126 51 164 177 Other assets(5) 36,208 1,676 12,933 1,002 2,281 5,848 2,094 3,359 928 1,093 862 1,018 3,115 Interdistrict settlement account 0 - 3,077 +12,678 - 2,147 - 2,652 - 1,770 - 2,663 - 6,350 - 1,249 - 498 + 76 + 3,060 + 4,592 Total Assets 736,782 31,218 336,602 20,183 31,297 56,007 45,656 64,647 21,039 15,967 19,464 30,854 63,849 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 4. Statement of Condition of Each Federal Reserve Bank on May 21, 2003 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Liabilities Federal Reserve notes outstanding 760,386 31,729 334,120 24,410 31,012 53,881 60,322 62,840 22,291 15,151 21,292 34,984 68,353 Less: notes held by F.R. Banks 102,078 4,362 24,102 7,374 4,029 7,619 19,941 6,672 3,387 1,295 4,013 6,651 12,632 Federal Reserve notes, net 658,309 27,367 310,018 17,036 26,983 46,262 40,381 56,168 18,904 13,856 17,279 28,333 55,721 Reverse repurchase agreements (1) 20,709 1,001 8,860 647 970 1,593 1,399 2,093 652 462 557 812 1,664 Deposits 29,144 1,232 12,164 1,366 1,294 3,043 1,691 3,663 627 468 673 786 2,137 Depository institutions 21,162 1,229 4,299 1,364 1,290 2,949 1,689 3,659 625 467 671 784 2,134 U.S. Treasury, general account 7,608 0 7,608 0 0 0 0 0 0 0 0 0 0 Foreign official 126 2 103 1 3 7 2 3 1 1 1 1 3 Other 247 1 154 0 1 87 0 1 1 0 1 1 0 Deferred availability cash items 8,652 568 877 519 505 645 1,015 675 279 386 462 418 2,303 Other liabilities and accrued dividends (2) 2,304 133 714 95 125 258 184 228 98 91 87 109 183 Total liabilities 719,118 30,301 332,633 19,663 29,878 51,801 44,670 62,826 20,560 15,263 19,058 30,457 62,008 Capital Capital paid in 8,562 446 1,878 251 688 2,075 475 895 227 346 191 190 900 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 722 34 283 35 29 58 35 68 53 18 14 21 73 Total liabilities and capital 736,782 31,218 336,602 20,183 31,297 56,007 45,656 64,647 21,039 15,967 19,464 30,854 63,849 Note: Components may not sum to totals because of rounding. 1 Cash value of agreements, which are collateralized by U.S. Treasury securities. 2 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday May 21, 2003 Federal Reserve notes outstanding 760,386 Less: Notes held by F.R. Banks not subject to collateralization 97,941 Federal Reserve Notes to be collateralized 662,445 Collateral held against Federal Reserve notes 662,445 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 649,206 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 676,986 Less:face value of securities under reverse repurchase agreements 20,715 U.S. Treasury and agency securities eligible to be pledged 656,271 Note: Components may not sum to totals because of rounding. 1 Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.